If you live in the State of Washington and own assets with your spouse, you might want to consider a Community Property Agreement (CPA). This is an important legal document that can help you protect your assets in the case of a divorce or the death of your spouse.
A CPA is a contract between spouses that allows them to classify their property as community property. This means that all the assets acquired during the marriage are owned equally by both spouses. This includes all income earned, debts accumulated, and any property purchased during the marriage.
Without a CPA, Washington State law considers property acquired during the marriage to be separate property, which means that each spouse owns individual assets separately. This can cause complications in the event of a divorce or death, as the individual assets must be divided according to Washington State law.
A CPA is a straightforward way to avoid this issue. With a CPA, both spouses agree that their assets are community property, and they can make provisions for how the property will be divided in the event of a separation or the death of one spouse.
The State of Washington has specific requirements for a valid CPA. First, both spouses must sign the document and have it notarized. The document must also include a description of the property, a statement of the community interest, and a plan for how the property will be divided in the event of a divorce or death.
It`s important to note that a CPA does not apply to all assets, such as property that was acquired before the marriage or assets that were gifted or inherited by one spouse. These assets remain separate property and are not subject to the terms of the CPA.
If you`re considering a CPA, it`s important to work with an experienced attorney to ensure that the agreement is valid and properly executed. A CPA can provide peace of mind and help protect your assets in the event of a separation or the death of your spouse.